Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
The Bank of New York Mellon Corporation
|
| | | | | | | | | | | | | | | | | |
| | | Year ended Dec. 31, | |
| (dollar amounts in millions) | | 2013 |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| |
| Earnings | | | | | | | |
| Income (loss) from continuing operations before income taxes | | $ | 3,712 |
| $ | 3,302 |
| $ | 3,617 |
| $ | 3,694 |
| $ | (2,208 | ) | |
| Net (income) attributable to noncontrolling interests | | (81 | ) | (78 | ) | (53 | ) | (63 | ) | (1 | ) | |
| Income (loss) from continuing operations before income taxes attributable to shareholders of The Bank of New York Mellon Corporation | | 3,631 |
| 3,224 |
| 3,564 |
| 3,631 |
| (2,209 | ) | |
| Fixed charges, excluding interest on deposits | | 349 |
| 484 |
| 480 |
| 519 |
| 530 |
| |
| Income (loss) from continuing operations before income taxes and fixed charges, excluding interest on deposits applicable to the shareholders of The Bank of New York Mellon Corporation | | 3,980 |
| 3,708 |
| 4,044 |
| 4,150 |
| (1,679 | ) | |
| Interest on deposits | | 105 |
| 154 |
| 241 |
| 131 |
| 172 |
| |
| Income (loss) from continuing operations before income taxes and fixed charges, including interest on deposits applicable to shareholders of The Bank of New York Mellon Corporation | | $ | 4,085 |
| $ | 3,862 |
| $ | 4,285 |
| $ | 4,281 |
| $ | (1,507 | ) | |
| Fixed charges | | | | | | | |
| Interest expense, excluding interest on deposits | | $ | 238 |
| $ | 380 |
| $ | 363 |
| $ | 414 |
| $ | 421 |
| |
One-third net rental expense (a) | | 111 |
| 104 |
| 117 |
| 105 |
| 109 |
| |
| Total fixed charges, excluding interest on deposits | | 349 |
| 484 |
| 480 |
| 519 |
| 530 |
| |
| Interest on deposits | | 105 |
| 154 |
| 241 |
| 131 |
| 172 |
| |
| Total fixed charges, including interests on deposits | | $ | 454 |
| $ | 638 |
| $ | 721 |
| $ | 650 |
| $ | 702 |
| |
| Preferred stock dividends | | $ | 64 |
| $ | 18 |
| $ | — |
| $ | — |
| $ | 87 |
| |
| Total fixed charges and preferred stock dividends, excluding interest on deposits | | $ | 413 |
| $ | 502 |
| $ | 480 |
| $ | 519 |
| $ | 617 |
| |
| Total fixed charges and preferred stock dividends, including interest on deposits | | $ | 518 |
| $ | 656 |
| $ | 721 |
| $ | 650 |
| $ | 789 |
| |
| | | | | | | | |
| Earnings to fixed charges ratios | | | | | | | |
| Excluding interest on deposits | | 11.40 |
| 7.66 |
| 8.43 |
| 8.00 |
| (3.17 | ) | (c) |
| Including interest on deposits | | 9.00 |
| 6.05 |
| 5.94 |
| 6.59 |
| (2.15 | ) | (c) |
| | | | | | | | |
Earnings to fixed charges and preferred stock dividends ratios (b) | | | | | | | |
| Excluding interest on deposits | | 9.64 |
| 7.39 |
| 8.43 |
| 8.00 |
| (2.72 | ) | (c) |
| Including interest on deposits | | 7.89 |
| 5.89 |
| 5.94 |
| 6.59 |
| (1.91 | ) | (c) |
(a) The proportion deemed representative of the interest factor.
| |
| (b) | Dividends were paid in 2013 and 2012 on the Series A and Series C preferred stock, which were issued in 2012. Dividends paid in 2013 also include the Series D preferred stock, which was issued in 2013. Dividends were paid in 2009 on the Series B preferred stock, which was issued in 2008 and repurchased in 2009. |
(c) Earnings were insufficient to cover fixed charges by $2,209 million.
